Systems and methods for payment at a point of sale using a virtual check

ABSTRACT

Systems and methods are provided for making purchases at a merchant point-of-sale (POS) device using a mobile device. Transaction information may be communicated from the POS device to the mobile device and an authorization from the purchaser to proceed with the transaction returned to the POS device from the mobile device. After authorization, the POS device may communicate the transaction information together with an identifier of the mobile device to a financial institution to process payment. The financial institution may confirm the transaction with the purchaser at the mobile device using the identifier of the mobile device. Upon receiving a confirmation response from the mobile device, the financial institution may then transfer funds from a purchaser account to a merchant account. A confirmation of the transfer may be provided to the merchant and the purchaser, after which, the transaction may be completed at the merchant POS device where a receipt is printed and provided to the purchaser.

BACKGROUND

Payments using mobile devices began as simple interactions that wouldallow a mobile device holder to pay for items within vending machinesusing a mobile device. Short Message Service (SMS) messages may be usedto communicate such payments by entering a code associated with aparticular vending machine. The message is received by the vendingmachine, the item is dispensed and mobile device holder's account isdebited the appropriate amount for the selected item. Over time, mobilepayments have grown to include mobile banking and mobile credit cards.Mobile devices may be used to transfer money from one mobile bankingaccount to another, pay utility bills, pay parking fees, etc.

However, mobile devices have not gained wide acceptance for use aspayment vehicles at a point-of-sale (POS) in, e.g., merchant locations.Here, the traditional payment vehicles, e.g., credit/debit cards, cashand checks still reign supreme. This is because POS terminals mustundergo a certification processes with back-end transaction processorsto ensure compatibility with their systems and compliance with securityregulations.

SUMMARY

Systems and methods are provided for making purchases at a merchantpoint-of-sale (POS) device using a mobile device. Transactioninformation may be communicated from the POS device to the mobile deviceand an authorization from the purchaser to proceed with the transactionreturned to the POS device from the mobile device. After authorization,the POS device may communicate the transaction information together withan identifier of the mobile device to a financial institution to processpayment. The financial institution may confirm the transaction with thepurchaser at the mobile device using the identifier of the mobiledevice. Upon receiving a confirmation response from the mobile device,the financial institution may then transfer funds from a purchaseraccount to a merchant account. A confirmation of the transfer may beprovided to the merchant and the purchaser, after which, the transactionmay be completed at the merchant POS device where a receipt is printedand provided to the purchaser.

It should be noted that this summary is provided to introduce aselection of concepts in a simplified form that are further describedbelow in the detailed description. This summary is not intended toidentify key features or essential features of the claimed subjectmatter, nor is it intended to be used as an aid in determining the scopeof the claimed subject matter.

BRIEF DESCRIPTION OF THE DRAWINGS

The foregoing summary, as well as the following detailed description, isbetter understood when read in conjunction with the appended drawings.The following figures are included:

FIG. 1 illustrates an example environment that may be used for paymentat a point of sale using a virtual check using a mobile device;

FIGS. 2A and 2B illustrate an example operation flow wherebytransactions may be made using a virtual check;

FIG. 3 illustrates in more detail the various subsystems that may beused in the environment of with reference to FIG. 1;

FIG. 4 illustrates another example environment that may be used forpayment at a point of sale using a virtual check using a mobile device;

FIG. 5 illustrates another example operation flow whereby transactionsmay be made using a virtual check; and

FIG. 6 shows an exemplary computing environment in which example aspectsmay be implemented.

DETAILED DESCRIPTION

Certain specific details are set forth in this description andaccompanying figures to provide a thorough understanding of variousaspects of the presently disclosed subject matter. However, certainwell-known details often associated with computing and softwaretechnology are not set forth in this disclosure in order to avoidunnecessarily obscuring these various aspects. Further, those ofordinary skill in the relevant art will understand that they canpractice other aspects of the presently disclosed subject matter withoutone or more of the details described below. Finally, while variousmethods are described with reference to steps and sequences in thisdescription, the description as such is for providing a clearimplementation of the aforementioned aspects, and the steps andsequences of steps should not be taken as required to practice thissubject matter.

FIG. 1 illustrates an example environment 100 that may be used forpayment at a point of sale using a virtual check using a mobile device.In FIG. 1, an individual 102 having a mobile computing device 104 maydesire to make a purchase from a merchant 101. The merchant 101 may havea point of sale device 106 (e.g., cash register, credit/debit cardreader, contactless reader) by which transactions for goods are made.The point of sale device 106 may communicate with a merchant servercomputing device 108 using a network connection 110.

The mobile computing device 104 may be a personal digital assistant, amobile phone, a personal portable computer, etc. The mobile computingdevice 104 may be capable of sending text messages, making voice calls,Internet browsing, personal organizer functions, e-mail, instantmessaging, and infrared, near field communication (NFC) and BLUETOOTHconnectivity.

NFC is a short-range high frequency wireless communication technologythat enables the exchange of data between devices over a limited rangeof 10 cm. NFC is an extension of the ISO 14443 proximity-card standard(contactless card RFID) and may be considered a near field effectcommunication technique. BLUETOOTH is a wireless protocol for exchangingdata over short distances, and uses frequency-hopping spread spectrumcommunications techniques to achieve a data rate of 1 Mb/s (or higher).BLUETOOTH provides a way to connect and exchange information betweendevices using the 2.4 GHz short-range radio frequency bandwidth. Inaccordance with some implementations, NFC or BLUETOOTH may be used toestablish communications between the mobile computing device 105 and thepoint of sale device 106.

The merchant server computing device 108 may be connected to a networkconnection 116 to communicate with a merchant financial institution 112.An individual financial institution 114 may also communicate using thenetwork connection 116. The network connection 110 and networkconnection 116 may be a communications connection such as an intranet,the Internet, a local area network (LAN), a wide area network (WAN), apublic switched telephone network (PSTN), a cellular network, a voiceover Internet protocol (VoIP) network, Wi-Fi, and the like.

The merchant 101 may hold an account at the merchant financialinstitution 112. The account may be any type of account for depositingfunds, such as a savings account, a checking account, a brokerageaccount, and the like. The merchant server computing device 108 maycommunicate with merchant financial institution 112 or the individualfinancial institution 114 by way of the communications network 116 tosend and receive information regarding transactions made at the point ofsale device 106.

FIGS. 2A and 2B illustrate an example operation flow 200 wherebytransactions may be made using a virtual check. As will be described,the merchant 101 may receive a payment to complete a transaction fromthe individual 102 in the form of a virtual check that is drawn from anaccount at individual financial institution 114. The individual 102 maymake the payment at the point-of-sale device 106 using the mobilecomputing device 104. The operational flow may begin after theindividual 102 presents merchandise at the point-of-sale device (POS)106 for payment.

At 202, the point-of-sale device provides a transaction ID to anapplication running on the mobile computing device. For example, usingan NFC or Bluetooth connection established between the point-of-saledevice 106 and mobile computing device 104, an application running onthe mobile computing device 104 may receive transaction information fromthe merchant 101. The application may be a “virtual checkbook” thatprovides a check register interface. The virtual checkbook applicationmay show recent transactions, an account balance, etc., to providecurrent balance information about the individual's account with theindividual financial institution 114. The individual 102 may enterand/or receive transaction information into the virtual checkbookapplication. For example, the individual 102 may enter a merchant name,a transaction categorization (e.g. groceries, gasoline, etc.) and anamount into the register interface. The transaction ID may be a uniqueidentifier of the transaction between the merchant 101 and the mobilecomputing device 104, and may be populated automatically or manuallyinto the register interface.

At 204, the payment to the merchant is authorized using the applicationon the mobile computing device. The application may include a “send” or“purchase” option that may be selected by the individual 102 to indicatethat the transaction is authorized for payment to the merchant 101. Theauthorization may include a telephone number of the mobile computingdevice 104, an e-mail address associated with the individual 102, anInternet Protocol address, or other identifier such that an electronicmessage, telephone call, SMS message, etc. may be communicated to themobile device 104 at a later time.

At 206, the point of sale device communicates information about thetransaction to the merchant server computing device. This may includethe transaction ID and the information acquired at 204. At 208, themerchant server computing device communicates with the individualfinancial institution to request a transfer funds to the merchantfinancial institution at an account associated with the merchant. Forexample, the merchant server computing device 108 may communicate amerchant account number and a routing number of the merchant financialinstitution 112 to the individual financial institution 114.

At 210, information regarding the transaction may be received by theindividual financial institution. This information may include thetransaction ID, a merchant identifier, an amount, identification of thegoods or products to be purchased, the mobile device information, etc.,and may be communicated to the individual financial institution 114 at208.

At 212, the individual financial institution may send a confirmationrequest to the application on the mobile computing device. Aconfirmation request 118 may be communicated to the mobile computingdevice 104 using the information indicated at 204 to the individualfinancial institution 114. As such, a confirmation request 118 may be ane-mail, text message, telephone call etc. to the mobile computing device104 to request a confirmation from the individual 102 that thetransaction is to be completed.

At 214, it is determined if the confirmation is received. Using themobile computing device 104, the user 102 may communicate a confirmation120 to the individual financial institution 114 that the transaction isto be completed with the merchant 101. Only after receiving theconfirmation 120, would the individual financial institution 114 sendtransaction approval information to the merchant server computing device108 and transfer funds to the merchant financial institution 112.

In some implementations, the confirmation request 118 may request thatthe individual 102 approve a purchase within a predetermined amount oftime or for a predetermined amount of money. Thus, individuals 102 maybe allocated several minutes to “opt-out” of a purchase by sending a“no” response; alternatively, individuals 102 could “opt-in” by sendinga “yes” response, depending on the system implementation. In someimplementations, individuals 102 may not want to receive such requests118, thus a configuration option may be set that a confirmation request118 is sent only if a purchase is above an amount (e.g., $100).Furthermore, a combination of these two confirmation requests could beused.

For example, an individual 102 may configure options of three minutesfor sending a confirmation 120, and $100 dollars as a threshold forsending a request 118. Thus, if a purchase was under $100 dollars andthe confirmation 120 took more than three minutes to complete, apurchase may be conducted automatically (i.e., transactional approvalinformation may be sent to a merchant 101, even if the confirmation 120had not been received). However, if a purchase was over $100 and aconfirmation 118 took over three minutes, the purchase could be delayedor canceled, or another confirmation request 118 may be sent to mobilecomputing device 104 (or different device).

If the confirmation is not received, then the process ends at 216.However if a confirmation is received, then at 218, the individualfinancial institution transfers the funds to the merchant account at themerchant financial institution. The transfer funds may be accomplishedusing an ACH transfer, wire transfer, mailing the physical check, etc.At 222, the individual financial institution confirms the transactionwith the merchant server computing device and the mobile computingdevice. For example, the individual financial institution 114 may send amessage over the network connection 116 to the merchant server computingdevice 180 to indicate the funds had been transferred from theindividual's account at the individual financial institution 114 to themerchants account at the merchant financial institution 112. Likewise,an e-mail, text message, phone call, etc. may be communicated to themobile computing device 104. The mobile computing device 104 mayindicate the confirmation by e.g., changing a color of the transactionin the virtual checkbook application. This provides the appearance thatthe “check” associated with the transaction between the individual 102and the merchant 101 has cleared. In addition, a running account balancedisplayed in the application may be updated to reflect the debit to theindividuals account at the individual financial institution 114.

At 224, the merchant server computing device notifies the point-of-saledevice of the completed transaction. A message may be communicated fromthe merchant server computing device 108 using a network connection 110to the point-of-sale device 106 to activate a process whereby thetransaction is completed. At 226, the point-of-sale device prints areceipt and a transaction is completed. Optionally, at 228, the mobilecomputing device 104 may send a confirmation to the individual financialinstitution of the completed transaction. For example, the individualone or two using the application running on the mobile computing device104 may indicate to the individual financial institution 114 that thetransaction has been completed to the individual satisfaction. At 230,the process ends.

FIG. 3 illustrates in more detail the various subsystems that may beused in the environment 100 of with reference to FIG. 1. It should beunderstood that any system or subsystem thereof could may be practicedas a method or implemented in computer executable instructions storableon computer readable media, thus such systems and subsystems are merelyexemplary and non-limiting. In FIG. 3, a purchase confirmation system300 may reside on a financial institution server. This system 300 mayinclude additional subsystems comprising modules (if software) and/ordevices (if hardware). These subsystems are broadly represented by ageneral transaction information subsystem 310.

Thus, the system 300 may send a purchase confirmation request 118 to themobile computing device 104 and wait to receive a confirmation 120 fromthe mobile computing device 104. In so doing, the subsystem 310 may beconfigured to perform the following: receive transactional informationfrom a merchant 101 regarding a pending transaction; determine anassociated account 320 with the transactional information; send aconfirmation request 118 to a mobile computing device 104 of anindividual 102 associated with the account 320; receive a confirmation120; and make a determination based on the confirmation 120 whether tosend transactional approval information to the merchant 101.

FIG. 4 illustrates an example environment 400 that may be used forpayment at a point of sale using a virtual check using a mobile device.Those aspects of FIG. 4 that are similar to FIG. 1 are identified bysimilar reference numerals. When an individual 102 having a mobilecomputing device 104 desires to make a purchase from a merchant 101, themobile computing device 104 may receive transaction information using anNFC or Bluetooth connection with point-of-sale device 106, as describedabove with regard to FIG. 1. However, rather than using the “virtualcheckbook” application on the mobile computing device 104, theindividual 102 may use a web browser in the mobile computing device 104to navigate to a bill payment website offered by the individualfinancial institution 114. Using the web browser and the bill paymentwebsite, the individual 102 may enter or upload information about thetransaction to the individual financial institution 114, authorize thetransaction, and/or receive confirmations regarding the transaction.

FIG. 5 illustrates an example operation flow 500 whereby transactionsmay be made using a virtual check. The individual 102 may wish tocomplete the transaction with a merchant 101 using the mobile computingdevice 104. To begin the transaction, at 502, the mobile computingdevice is used to log into a Web bill pay site. For example, the userone or two may launch a Web browser loaded on the mobile computingdevice 104, and entered the URL of the Web bill pay site associated withthe individual financial institution 114. The individual mayauthenticate with the individual financial institution 114 by entering ausername/password combination, biometric information, etc.

At 504, a transaction ID, merchant information, and amounts of thetransaction are communicated to the individual financial institution.For example, using the an NFC or Bluetooth connection between the mobilecomputing device 104 and the point-of-sale device 106, this informationmay be passed from the point-of-sale device 106 to the mobile computingdevice 104 and uploaded to the individual financial institution 114through the Web bill pay site. Alternatively, the individual one or twomay enter this information manually into a Web browser and submit it tothe individual financial institution through the Web bill pay site.

At 506, the individual financial institution determines or receives theaccount and routing information associated with the merchant financialinstitution and the merchant. This information may be received in acommunication at 504, or may be derived based on information stored bythe individual financial institution 114 about the merchant 101 and themerchant financial institution 112.

At 508, the individual financial institution communicates the mobilecomputing device to request a confirmation. The confirmation may becommunicated as a webpage that is communicated from the individualfinancial institution 114 to the mobile computing device 104. At 510, itis determined if a confirmation is received. The confirmation may bereceived from the mobile computing device 104 as a user input to thewebpage communicated at 508. If no confirmation is received, the processends at 512. If a confirmation is received at 510, then the processcontinues at 218 (FIG. 2B) and proceeds as described above.

Thus, as described above implementations of the present disclosureprovide for payments using a mobile device that are processed as“virtual checks.” Such processing may be performed using the samebackend systems that are used to process paper checks. In addition, suchprocessing eliminates the credit card transaction fees that are chargedto merchants, while provides a near instantaneous transfer of funds fromthe individual bank account to the merchant bank account.

It should be noted that the various aspects of the presently disclosedsubject matter may be implemented in various combinations of thecomponents discussed with reference to FIGS. 1-5 and on the exemplarycomputing device discussed with reference to FIG. 6.

Exemplary Computing Arrangement

FIG. 6 shows an exemplary computing environment in which example aspectsmay be implemented. The computing system environment is only one exampleof a suitable computing environment and is not intended to suggest anylimitation as to the scope of use or functionality.

Numerous other general purpose or special purpose computing systemenvironments or configurations may be used. Examples of well knowncomputing systems, environments, and/or configurations that may besuitable for use include, but are not limited to, PCs, server computers,handheld or laptop devices, multiprocessor systems, microprocessor-basedsystems, network PCs, minicomputers, mainframe computers, embeddedsystems, distributed computing environments that include any of theabove systems or devices, and the like.

Computer-executable instructions, such as program modules being executedby a computer, may be used. Generally, program modules include routines,programs, objects, components, data structures, etc. that performparticular tasks or implement particular abstract data types.Distributed computing environments may be used where tasks are performedby remote processing devices that are linked through a communicationsnetwork or other data transmission medium. In a distributed computingenvironment, program modules and other data may be located in both localand remote computer storage media including memory storage devices.

With reference to FIG. 6, an exemplary system for implementing aspectsdescribed herein includes a computing device, such as computing device600. In its most basic configuration, computing device 600 typicallyincludes at least one processing unit 602 and system memory 604.Depending on the exact configuration and type of computing device,system memory 604 may be volatile (such as random access memory (RAM)),non-volatile (such as read-only memory (ROM), flash memory, etc.), orsome combination of the two. This most basic configuration isillustrated in FIG. 6 by dashed line 606.

Computing device 600 may have additional features and/or functionality.For example, computing device 600 may include additional storage(removable and/or non-removable) including, but not limited to, magneticor optical disks or tape. Such additional storage is illustrated in FIG.6 by removable storage 608 and non-removable storage 610.

Computing device 600 typically includes a variety of computer-readablemedia. Computer-readable media can be any available media that can beaccessed by computing device 600 and include both volatile andnon-volatile media, and removable and non-removable media. By way ofexample, and not limitation, computer-readable media may comprisecomputer storage media and communication media.

Computer storage media include volatile and non-volatile, and removableand non-removable media implemented in any method or technology forstorage of information such as computer-readable instructions, datastructures, program modules or other data. System memory 604, removablestorage 608, and non-removable storage 610 are all examples of computerstorage media. Computer storage media include, but are not limited to,RAM, ROM, Electrically Erasable Programmable Read-Only Memory (EEPROM),flash memory or other memory technology, CD-ROM, digital versatile disks(DVD) or other optical storage, magnetic cassettes, magnetic tape,magnetic disk storage or other magnetic storage devices, or any othermedium which can be used to store the desired information and which canbe accessed by computing device 600. Any such computer storage media maybe part of computing device 600.

Computing device 600 may also contain communication connection(s) 612that allow the computing device 600 to communicate with other devices.Communication connection(s) 612 is an example of communication media.Communication media typically embody computer-readable instructions,data structures, program modules, or other data in a modulated datasignal such as a carrier wave or other transport mechanism, and includeany information delivery media. The term “modulated data signal” means asignal that has one or more of its characteristics set or changed insuch a manner as to encode information in the signal. By way of example,and not limitation, communication media include wired media such as awired network or direct-wired connection, and wireless media such asacoustic, radio frequency (RF), infrared, and other wireless media. Theterm computer-readable media as used herein includes both storage mediaand communication media.

Computing device 600 may also have input device(s) 614 such as akeyboard, mouse, pen, voice input device, touch input device, etc.Output device(s) 616 such as a display, speakers, printer, etc. may alsobe included. All these devices are well known in the art and need not bediscussed at length here.

Computing device 600 may be one of a plurality of computing devices 600inter-connected by a network. As may be appreciated, the network may beany appropriate network, each computing device 600 may be connectedthereto by way of communication connection(s) 612 in any appropriatemanner, and each computing device 600 may communicate with one or moreof the other computing devices 600 in the network in any appropriatemanner. For example, the network may be a wired or wireless networkwithin an organization or home or the like, and may include a direct orindirect coupling to an external network such as the Internet or thelike.

It should be understood that the various techniques described herein maybe implemented in connection with hardware or software or, whereappropriate, with a combination of both. Thus, the methods and apparatusof the presently disclosed subject matter, or certain aspects orportions thereof, may take the form of program code (i.e., instructions)embodied in tangible media, such as floppy diskettes, CD-ROMs, harddrives, or any other machine-readable storage medium wherein, when theprogram code is loaded into and executed by a machine, such as acomputer, the machine becomes an apparatus for practicing the presentlydisclosed subject matter. In the case of program code execution onprogrammable computers, the computing device generally includes aprocessor, a storage medium readable by the processor (includingvolatile and non-volatile memory and/or storage elements), at least oneinput device, and at least one output device. One or more programs mayimplement or utilize the processes described in connection with thepresently disclosed subject matter, e.g., through the use of anapplication programming interface (API), reusable controls, or the like.Such programs may be implemented in a high level procedural orobject-oriented programming language to communicate with a computersystem. However, the program(s) can be implemented in assembly ormachine language, if desired. In any case, the language may be acompiled or interpreted language and it may be combined with hardwareimplementations.

Although exemplary implementations may refer to utilizing aspects of thepresently disclosed subject matter in the context of one or morestand-alone computer systems, the subject matter is not so limited, butrather may be implemented in connection with any computing environment,such as a network or distributed computing environment. Still further,aspects of the presently disclosed subject matter may be implemented inor across a plurality of processing chips or devices, and storage maysimilarly be effected across a plurality of devices. Such devices mightinclude personal computers, network servers, and handheld devices, forexample.

Although the subject matter has been described in language specific tostructural features and/or methodological acts, it is to be understoodthat the subject matter defined in the appended claims is notnecessarily limited to the specific features or acts described above.Rather, the specific features and acts described above are disclosed asexample forms of implementing the claims.

1. A system for performing a transaction between a customer and amerchant, the system comprising: a point of sale device associated withthe merchant, wherein the point of sale device is configured forcommunication with a mobile device associated with the customer througha first communication path using one of near field communication orBLUETOOTH connectivity to thereby communicate a transactionidentification from the point of sale device to the mobile device in thecourse of performing the transaction; an application running on themobile device, wherein the application comprises a check registerinterface configured to receive user inputs, including one or more of amerchant name, a transaction categorization, and an amount, and which isfurther configured to automatically populate the transactionidentification into the check register interface, wherein theapplication is configured to receive a user input authorizing thetransaction and communicate the authorization to a merchant servercomputing device, wherein the authorization comprises a mobile deviceidentifier to thereby facilitate receipt of an electronic message at themobile device; the merchant server computing device, configured tocommunicate with a first financial institution, the merchant serverbeing configured to communicate one or more of the transactionidentification, a merchant account number, and a routing number to thefirst financial institution; the application running on the mobiledevice further configured to receive a transaction confirmation requestfor the transaction from the first financial institution through asecond communication path and transmit a transaction confirmation to thefirst financial institution in the second communication path, where themerchant, the point of sale device, and the merchant server are not inthe second communication path; and at least one subsystem configured toreceive a payment confirmation from the first financial institution inresponse to receipt of the transaction confirmation at the firstfinancial institution, the payment confirmation confirming that fundsassociated with the transaction have been transferred from the firstfinancial institution to a second financial institution associated withthe merchant; wherein the point of sale device is further configured tocomplete the transaction at the point of sale device in accordance withthe payment confirmation.
 2. The system of claim 1, wherein the mobiledevice identifier comprises one of a telephone number, an email address,and an Internet Protocol address.
 3. The system of claim 1, wherein thefirst financial institution is configured to confirm the transactionusing the mobile device identifier.
 4. The system of claim 1, whereincurrent balance information and recent transactions are displayed in thecheck register interface.
 5. A non-transitory computer readable mediumcomprising computer-readable instructions for transferring funds from acustomer to a merchant as payment for a transaction, the instructionscomprising instructions for: receiving a transaction identification froma point of sale device associated with the merchant, wherein the pointof sale device is configured for communication with a mobile deviceassociated with the customer through a first communication path usingone of near field communication or BLUETOOTH connectivity to therebycommunicate a transaction identification from the point of sale deviceto the mobile device in the course of performing the transaction;receiving an identification of a mobile computing device associated withthe customer from the mobile computing device, wherein the mobilecomputing device includes an application running on the mobile devicethat is configured to receive and communicate a user input authorizingthe transaction, wherein the authorization comprises the identificationof the mobile computing device to thereby facilitate receipt of anelectronic message at the mobile computing device; communicating aconfirmation request to the mobile computing device associated with thetransaction from a financial institution of the customer through asecond communication path, where the merchant and the point of saledevice are not in the second communication path; receiving aconfirmation from the mobile computing device in response to theconfirmation request; and authorizing the transferring of funds from thefinancial institution to the merchant in response to receiving theconfirmation.
 6. The non-transitory computer readable medium of claim 5,further comprising instructions for receiving default configurationparameters associated with the confirmation request and theconfirmation.
 7. The non-transitory computer readable medium of claim 6,wherein the default configuration specifies one of a time period bywhich the confirmation is to be received and a threshold amount of thetransaction.
 8. The non-transitory computer readable medium of claim 6,further comprising instructions for allowing the transaction by defaultif the amount of the transaction is less than a threshold amount.
 9. Thenon-transitory computer readable medium of claim 6, further comprisinginstructions for considering the confirmation as received if the amountof the transaction is less than the threshold amount.
 10. Thenon-transitory computer readable medium of claim 5, further comprisinginstructions for transferring the funds electronically from a customeraccount to a merchant account.
 11. The non-transitory computer readablemedium of claim 5, further comprising instructions for receiving aconfirmation from the mobile computing device that the transaction hasbeen completed.
 12. A non-transitory computer readable medium comprisingcomputer-readable instructions for electronically transferring funds toa merchant to satisfy a transaction amount using a mobile device,comprising: receiving a transaction identifier from a merchant point ofsale device, wherein the point of sale device is configured forcommunication with the mobile device through a first communication pathusing one of near field communication or BLUETOOTH connectivity tothereby communicate a transaction identification from the point of saledevice to the mobile device in the course of performing the transaction;authorizing the transaction to the merchant point of sale device;receiving a confirmation request from a payor financial institutionthrough a second communication path which does not include the merchantor the merchant point of sale device; sending a confirmation to thepayor financial institution to confirm the transaction through thesecond communication path; and confirming completion of the transactionto the payor financial institution.
 13. The non-transitory computerreadable medium of claim 12, further comprising instructions forproviding a user interface on the mobile device to receive user inputsto authorize and confirm the transaction.
 14. The non-transitorycomputer readable medium of claim 13, wherein the user interface is avirtual checkbook register.
 15. The non-transitory computer readablemedium of claim 14, wherein current balance information and recenttransactions are displayed in the virtual checkbook register.
 16. Thenon-transitory computer readable medium of claim 14, wherein a visualindication is made in the virtual checkbook register that thetransaction is completed.
 17. The non-transitory computer readablemedium of claim 13, wherein the user interface is displayed in a webbrowser.
 18. The non-transitory computer readable medium of claim 17,wherein the confirmation request and sending the confirmation areperformed in the web browser in a communications session with the payorfinancial institution.
 19. A non-transitory computer readable mediumcomprising computer-readable instructions for transferring funds from acustomer account to a merchant account of a merchant to complete atransaction between a customer and the merchant, comprising:communicating a unique transaction ID from a merchant point of saledevice to a mobile computing device associated with the customer througha first communication path; receiving an authorization from the mobilecomputing device at the point of sale device to begin the transaction;communicating transaction information to a first financial institutionholding the customer account; receiving a confirmation request at themobile computing device from the first financial institution through asecond communication path which does not include the merchant or themerchant point of sale device; transferring funds from the customeraccount to the merchant account in response to a confirmation receivedfrom the mobile computing device through the second communication pathin response to the confirmation request; and completing the transactionat the point of sale device.
 20. The non-transitory computer readablemedium of claim 19, further comprising instructions for communicatinginformation regarding the mobile computing device to the first financialinstitution from a merchant server device such that the confirmationrequest may be communicated to the mobile computing device.
 21. Thenon-transitory computer readable medium of claim 20, wherein theinformation regarding the mobile device comprises one of a telephonenumber, an email address, and an Internet Protocol address.
 22. Thenon-transitory computer readable medium of claim 19, wherein a nearfield communication (NFC) radio communications link is used tocommunicate the unique transaction ID from the merchant point of saledevice to the mobile computing device and to receive the authorizationfrom the mobile computing device.
 23. The non-transitory computerreadable medium of claim 19, further comprising instructions forproviding a confirmation that the transferring of funds to the merchantaccount was completed.
 24. The non-transitory computer readable mediumof claim 23, further comprising instructions for communicating a fundstransfer confirmation to both the merchant and the customer.
 25. Thenon-transitory computer readable medium of claim 24, wherein themerchant account is held by a second financial institution and whereinthe funds are electronically transferred such that the funds transferconfirmation reflects a debit to the customer account and a credit tothe merchant account.